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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 121.53, 122.54, 123.00

Key Support Levels: 120.58, 118.84, 117.76

Daily Chart:

The price on the higher time frame succeeded to break the strong resistance around the 120.58 USD mark where it posted an engulfing bullish pattern. This could lead to a further movement to the upside in the same direction of the main trend.

CHF/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price managed to break an expanding flag formation to the upside. A lower correction could be seen to the highlighted zone before a new impulsive wave to the upside toward the target profit.

Signal Idea:

Buy Limit Order @ 120.83

TP 1 @ 121.51

TP 2 @ 122.54

Stop Loss @ 120.54

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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